PIC and Pelo to buy majority stake in Karan Beef
The home-grown cattle company will stay in South African hands while having major export potential, says the PIC
SA’s largest investor, the Public Investment Corporation (PIC) and Pelo Agricultural Ventures are set to buy a majority shareholding in Karan Beef for up to R5.2bn. Karan Beef, which was founded more than 40 years ago, operates the largest cattle feedlot and abattoir on the continent. The company was created in 1974 by the Karan family and is based in Heidelberg, Balfour and City Deep. It is solely owned by Ivor Karan. The feedlot accommodates 150,000 head of cattle at any given time. The Balfour-based abattoir has the capacity to process 2,100 herd of cattle every day. Karan Beef agreed in September to pay a fine R2.7m after the Competition Commission found that the company had divided the beef market by allocating customers and specific types of goods in contravention of section 4(1)(b)(ii) of the Competition Act of 1998. The company processes 2,040 head of cattle daily and debones up to 300 tonnes of meat a day. SA is Karan’s biggest market, but also has a substantial export mark...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.